Medtronic plc (NYSE:MDT) Shares Sold by Providence Capital Advisors LLC

Providence Capital Advisors LLC cut its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 87.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,700 shares of the medical technology company's stock after selling 61,317 shares during the quarter. Providence Capital Advisors LLC's holdings in Medtronic were worth $783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the third quarter valued at $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic in the third quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic during the 2nd quarter valued at $28,000. Finally, J. Stern & Co. LLP purchased a new position in Medtronic in the 3rd quarter worth about $30,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

MDT traded up $0.59 during trading on Thursday, hitting $86.27. 5,106,486 shares of the stock were exchanged, compared to its average volume of 6,284,553. The stock has a fifty day moving average price of $88.81 and a two-hundred day moving average price of $84.96. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68. The firm has a market capitalization of $110.64 billion, a P/E ratio of 26.38, a PEG ratio of 2.43 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the firm earned $1.25 EPS. As a group, sell-side analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MDT shares. Piper Sandler raised their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a "neutral" rating in a report on Wednesday, August 21st. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a report on Tuesday. Robert W. Baird cut their target price on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a report on Wednesday, November 20th. JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research report on Friday, November 15th. Finally, Stifel Nicolaus lifted their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a "hold" rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $95.27.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.